性价比大潮下，做中产生意的 MUJI 中国如何重回增长？

Core Viewpoint - Muji, a Japanese lifestyle brand, has successfully returned to growth in the Chinese market after experiencing a decline in sales since 2018, with a significant increase in same-store sales from September to December 2022 and projected revenue of 5.5 billion yuan for the 2024 fiscal year, accounting for nearly 20% of the company's total revenue [1][2]. Expansion Strategy - Muji has initiated an aggressive store expansion plan since 2021, aiming to open 40-50 new stores annually in China, compared to the previous rate of 20-25 stores per year [1][2]. - The brand is also targeting third-tier cities to tap into lower-tier markets, with approximately 400 stores currently in China [2]. Store Innovation - Muji is innovating its store formats, including the introduction of specialized stores for clothing and cosmetics, as well as smaller lifestyle goods stores [3]. - A new low-cost store format called "Muji 500" is set to launch, featuring around 70% of products priced below 500 yen (approximately 23 yuan), with smaller store sizes to increase customer visit frequency [4]. Localization Strategy - Since 2019, Muji has focused on localization, developing products tailored to Chinese consumer preferences, with 50% of its offerings now featuring local designs or elements [5]. - The localization of the supply chain has allowed Muji to reduce prices significantly, with products like slippers now priced between 30-50 yuan, compared to previous prices around 99 yuan [6]. E-commerce and Instant Retail - Muji partnered with Meituan for instant retail, offering over 4,000 products for quick delivery, which has significantly increased order volume and average transaction value compared to traditional store sales [8]. Competitive Challenges - Despite price reductions, Muji's products remain 25%-30% more expensive in China than in Japan, leading to challenges in price competitiveness against local brands and e-commerce platforms [10]. - The brand's simplistic design is easily replicable, making it vulnerable to competition from lower-priced alternatives, including private label products [10]. - Muji's positioning in China has shifted towards a more refined middle-class image, which may dilute its original appeal of "affordable practicality" as it attempts to lower prices [11].